Meeting with Government members

Vladimir Putin
held a planned meeting with Government members to discuss
implementing the Finance Ministry’s programme of work for
2013-2018, the situation on the stock and currency markets,
and other current issues.

PRESIDENT OF RUSSIA
VLADIMIR PUTIN: Good afternoon, colleagues,

We
are here to discuss the situation on the financial and
currency markets, but before turning to that question, I
would like to hear some updates on a couple of matters.

I
know that the Prime Minister has already instructed the
Finance Ministry to coordinate with our partners in Ukraine
on possible provision of additional aid, as well as
assistance for some Ukrainian regions that have come to us
with such requests. What is the situation now? Could you
update us?

FINANCE MINISTER ANTON
SILUANOV: Mr President, overall, Ukraine is indeed
facing a difficult situation. Budget spending is falling.
Estimates show that only around 15 percent of planned budget
spending is actually taking place at the moment.

Naturally, this affects the regions, including Crimea,
and so we have organised cooperation now between our Finance
Ministry and the Crimean Finance
Ministry.

VLADIMIR PUTIN: First, I wanted
to hear about Ukraine as a whole.

ANTON
SILUANOV: What we are looking at for Ukraine as a
whole is falling revenue, which will result in budget
spending being revised downward by 15 percent.

In
response, our foreign partners are offering aid, primarily
through the International Monetary Fund. The United States
and the European Union countries have also said they could
provide support, and we think that we too should examine the
various possibilities for providing assistance if the
general situation worsens.

VLADIMIR PUTIN:
Regarding the regions, do you propose that we work
at regional level, work through the Russian
regions?

ANTON SILUANOV: I know that
Russian regions on the border with Ukraine have put forward
proposals for financial aid, seeing as they have already
concluded the relevant agreements with their neighbours on
mutual cooperation and provision of financial support. These
agreements could be implemented now.

VLADIMIR
PUTIN: Good, thank you.

Mr Miller, you already
briefed [Prime Minister] Mr Medvedev on the situation on the
Ukrainian energy market. I am aware of the situation and
know the details in principle. Has there been any change of
late?

GAZPROM CEO ALEXEI MILLER: Mr
President, of a total debt of $1.529 billion, Ukraine has
paid off $10 million to date, but on March 7, the day after
tomorrow, Ukraine’s debt commitments will increase by
another $440 million in payments for February gas supplies.

VLADIMIR PUTIN: Are
they going to pay?

ALEXEI MILLER: Our
Ukrainian colleagues have informed us that they cannot pay
in full for the gas supplies in February.

VLADIMIR
PUTIN: So what will this bring their total debt
to?

ALEXEI MILLER: It will increase it
substantially, bringing it up to around $2
billion.

VLADIMIR PUTIN: I see. Keep the
Prime Minister updated on developments in the
situation.

Yes, go ahead.

DEPUTY PRIME MINISTER
DMITRY ROGOZIN: Mr President, I just want to add a
couple of words on the electricity issue. You know that
there are 15 nuclear power plant units currently in
operation in Ukraine, as well as the four sealed units at
the Chernobyl NPP.

This matter concerns us of course
because the reactors are Russian-built. The plants are
operating normally and everything is ok there, but external
security at the facilities is the responsibility of private
security firms and troops from Ukraine’s Interior Ministry
and Security Service.

There is also the issue of transit
of nuclear fuel via Ukrainian territory to our partners in
Eastern Europe, and the issue of fuel supplies for the
nuclear power plants in Ukraine itself.

Ukraine’s power
stations have enough fuel reserves to get them through March
and April, but that is it. A ban on fuel transit through
Ukrainian territory is in place at the moment because of the
unstable situation in the country.

We plan to go through
[State Atomic Energy Corporation] Rosatom to request that
the IAEA conducts an additional inspection of external
security at Ukraine’s nuclear power
plants.

VLADIMIR PUTIN: I have a request
to you and your colleagues working in energy and finance. We
are aware of the tense political situation, but it should
not affect our on-going economic cooperation. We should not
add difficulties to an already complicated situation. We
need to keep working with all of our established partners.
Of course we need to look after our interests too. No one
ever gets anything for free, and this is still the rule
today. But we should not exacerbate the situation and should
not let our economic cooperation become hostage to the
political situation.

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